Ricardian Equivalence covered in this global macroeconomics course and provide a comprehensive analysis of its relevance and application in today's global economic landscape. Discuss how this concept contributes to our understanding of macroeconomic phenomena, influences policy decisions, and shapes the behavior of economic agents. 

Support your analysis with real-world examples and demonstrate a critical awareness of any recent developments or debates related to the chosen topic. Additionally, explore the potential implications and challenges associated with applying this concept in different global contexts. Your response should showcase a deep understanding of the chosen concept and its practical significance in the field of global macroeconomics.